WTI oil prices open Monday’s trading session hovering around $95 a barrel as worries about the widening euro debt crisis and a drop in Chinese crude imports stoked doubts over an economic rebound.
Latest WTI Oil Price
US Light crude oil futures for August 2011 delivery was trading at $94.91 a barrel, 09.35 GMT this morning on the NYMEX. The contract has slipped over a dollar in trading today.
Euro Debt Crisis Spreading?
European Council President Herman Van Rompuy over the weekend called an emergency meeting of top officials dealing with the euro debt crisis for Monday morning, reflecting concern that the crisis could spread to Italy.
“Risk aversion is back after the debt situation in Italy. This is putting oil prices under pressure and it seems Brent is vulnerable to further losses. Europe’s debt crisis will continue to be a factor since it will weigh on the euro, which is negative for oil prices.” said Carsten Fritsch at Commerzbank.
Investor appetite also remained subdued after China’s crude imports tumbled by 11.5 percent in June from a year earlier to 4.8 million barrels per day, their lowest in eight months.
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WTI crude oil price hovers at $95 on economic doubts
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